But I was also sent a document stating that a county housing assistance program was guaranteeing the tenants security deposit (which was accepted by the current landlord) but not for the full lease term because the tenant is no longer receiving assistance and that the guarantee would only be until 2/2025. 

All the "bad" affects them first.Pref equity has a known capped upside and more downside protection, but as @Lane Kawaoka said, getting paid and/or getting your money back is not a guarantee.

You have to guarantee the loan but you are not a buyer of the property. 

If you buy in such a city, you are almost guaranteed to have limited appreciation and rent growth.If a city has significant and sustained population growth, then the current housing supply will be insufficient and prices will rise until the demand (the number of people willing and able to buy) roughly equals supply.Rental rates are closely tied to property prices.

There's no guarantee that they will, and there's a cost to waiting. 

Highlights:* no prepay on 12 mo bridge* 6 months guaranteed interest on a 24 month bridgeThese are interest only loans and the DSCR calculation isn’t a factor in the lending decision.Compare the cost of your lower interest rate DSCR loan, including PPP versus what the bridge would cost at a higher interest rate and no or minimal PPP.PPP=pre payment penalty :)

Most of the tenants are military so rent is guaranteed with their base housing allowance. 

There is no 100% guarantee out there.Managing your property properly and having great insurance are probably the two best ways to protect yourself.

Bob is right, you can get some high rent amounts from CMHA, but it's not always guaranteed. 

That's not a guarantee - some of those people may be breaking the law too - but it gives you a good idea where to start.